With energy prices lower than ever, electric vehicles (EVs) are becoming an increasingly attractive option for drivers looking to save on running costs. Recent data shows that charging an EV at home is now much cheaper than ever before, making it a more cost-effective alternative to hybrids or petrol-powered cars.
Here’s a breakdown of how switching to an EV can lead to substantial savings.
EV Charging Costs: Less Than 5p per Mile
According to the AA’s latest EV Recharge Report, drivers charging their EVs at home are now paying as little as 4.97p per mile. This drop is thanks to the new energy price cap that came into effect in July 2024. Just a year ago, in December 2022, the cost was 7.99p per mile—meaning a 61% reduction in less than 12 months.
This low cost per mile makes EVs much more economical compared to hybrids or petrol-powered vehicles. For example, diesel prices currently stand at around 13p per mile, more than double the cost of charging an EV at home.
Home Charging vs. Public Charging: Maximizing Your Savings
Charging an EV at home is the most cost-efficient option, but even on public charging networks, EVs still offer competitive pricing. For instance, while ultra-rapid public charging costs around 17.4p per mile, home charging comes in at less than 5p per mile. By using home charging stations and opting for off-peak hours or special EV tariffs, drivers can reduce costs even further.
EVs vs. Hybrids: A Clear Cost Comparison
When comparing EVs to hybrids, the financial benefits of going fully electric are clear. Consider the following:
EV Charging (Home): Adding 80% charge costs around £8.80, which translates to roughly 178 miles of range at a rate of 4.97p per mile.
Diesel Hybrid: For the same range, refuelling a diesel hybrid costs around £46.43, with an average cost of 13p per mile.
For every 1,000 miles driven, an EV would cost around £49.70, while a hybrid would cost about £130. This significant difference means that, for PCO drivers, the long-term savings of switching to an EV are substantial.
Reduced Maintenance Costs for EVs
Another benefit of EVs is their lower maintenance costs. With fewer moving parts than hybrids or traditional diesel/petrol vehicles, EVs experience less wear and tear. This means fewer repairs and lower servicing costs, which add up to even more savings over time.
Rising Energy Prices? EVs Still Hold the Advantage
While the energy price cap is expected to rise by 10% in October 2024, EVs will remain a cheaper option compared to hybrids and petrol/diesel vehicles. Even with the increase, the cost per mile for EV drivers will still be lower than the ongoing expense of refuelling with diesel.
Conclusion: Why Switching to an EV Is a Smart Move
For anyone looking to save money on driving costs, switching from a hybrid to an EV is a wise decision. With charging at home now significantly cheaper than petrol, EVs provide an opportunity for immediate and long-term savings. Add in the reduced maintenance costs and environmental benefits, and it’s clear that making the switch to an electric vehicle is a cost-effective and sustainable choice.
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